Fundamentals of Economics
This is the study of economics of individuals, households, and companies
Microeconomics
Oil, farming, trees, water
Land
Any good that lasts for three or more years
Both are buyers and sellers in the market
Households and Businesses
Giving up some of one thing to gain something else
Trade-off
This is the study of economics of the overall economy of countries and governments.
Macroeconomics
Machinery, tools, computers, education
Capital
Physical objects that can be purchased
Consumer Goods
The physical or virtual location or mechanism that allows buyers and sellers to exchange goods and services
A market
Examining the cost and expected benefits of a choice as an aid to making a decision
Cost-benefit analysis
Time, money, and space
The riskiest FoP
Entreprenurship
Food, paper, and fast fashion
Non-durable goods
Factors of Production are bought and sold
The Factor Market
Study or nap or ride your bike or read
Food, water, clothing, shelter vs. Luxury, designer goods, vacation
Needs vs. wants
Labor
Getting a haircut or being seen by a doctor is considered a ...
Service
Milkshake machine and fry cutter
Capital resources
The additional cost of using one more unit of a product
Marginal cost
What, for Whom, and How
Three scarcity questions for society
Money or currency is not included
Capital
Businesses sell goods and services to households in the market
The Product Market
The tendency to follow through with something we have already invested time, effort, or money into even if the current costs outweigh the current benefits
Sunk cost fallacy